U.K. insurers were urged by a financial regulator on Friday to pay business interruption claims in full as soon as possible, following a High Court ruling in favor of policyholders facing steep losses from the pandemic.
Hong Kong’s Securities and Futures Commission is considering adopting what it called a “risk-based approach” as part of a series of changes for the global banking hub’s anti-money laundering and counter-financing of terrorism guidelines.
An Israel-based company promises insurers state-of-the-art weaponry in the fight against fraud: artificial intelligence that reveals the “genuine emotional state of a person” when they file a claim.
The National Credit Union Administration reported a second-quarter equity ratio close to dangerous levels as a result of the pandemic, and temporarily amended lending regulations for U.S. real estate transactions.
European insurers called for an industry-driven approach to regulating the use of artificial intelligence, asking that government intervention be used only in the highest-risk situations involving the new technology.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.
Swedbank acknowledged on Friday that it was subject to a new investigation from Sweden’s financial watchdog regarding violations in connection to suspected money laundering and other financial market abuse.
A former JPMorgan Chase foreign currency trader was reportedly sentenced to eight months in prison for conspiring to manipulate currency values, in a scandal that also included traders from Barclays and Citigroup.
Chinese auto insurance profits will likely take a hit from a fresh wave of regulatory reforms making payouts more expensive for carriers, despite the benefits from fewer accident claims in the pandemic, Moody’s said.
The U.S. Securities and Exchange Commission imposed new restrictions preventing brokers from publishing quotations for over-the-counter stocks unless issuer information is available to the public.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
Citigroup said on Thursday that it revamped its data services platform for its securities services clients in a bid to “enhance efficiency,” a move that comes as the bank looks to beef up its technology in the face of potential sanctions from regulators over its risk management functions.
The U.S. Department of Justice laid claim to a second set of assets in as many weeks allegedly tied to the 1Malaysia Development Berhad bribery and money laundering scandal, this time worth more than $300 million.
The U.S. financial crimes regulator said it wants to design a new template for anti-money laundering programs that will be more flexible and efficient for banks while providing more useful data to government authorities.
The U.S. Government Accountability Office found that sales representatives for several health insurers engaged in potentially deceptive practices by misleading customers about whether preexisting conditions were covered in policies.
Former students at ITT Technical Institute, a for-profit college that went bankrupt in 2016, will be forgiven of $330 million in private student loans that trusts set up by Deutsche Bank made, under a settlement with U.S. authorities.
California’s top insurance regulator plans to hold the line on premiums for residents in a series of aggressive new regulatory actions aiming to get more Californians covered as historic wildfires ravage the state.
The U.K.’s top financial regulator proposed that banks freeze new interest payments and other charges for struggling borrowers who are continuing to face hardships due to COVID-19.
During a time when restaurants and insurers are often at odds over coverage related to COVID-19 losses, Arch Insurance said Wednesday that it has formed an underwriting partnership with ProHost USA, a Minneapolis-based insurer that provides specialty packages for the restaurant industry.
Nasdaq debuted its cloud-based Nasdaq Automated Investigator on Wednesday, which it described as the first automated anti-money laundering technology aimed at scrutinizing financial crimes for retail and commercial banks.